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Seastock24 Review: Another Unregulated Fraudulent Broker
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SeaStock24 is a complete investment scam we confirmed through SeaStock24 reviews. Many clients are complaining about withdrawals, procedures, additional charges, and many more. Even on a TrustPilot, one of the most trusted forums for reviews, more than 30% of clients are giving 1-star to this SeaStock24 broker scam.
How Are You Protected at Seastock24? Broker Regulation
This broker claims that they are operating under European Economic Area ( EEA ). Therefore, they should be regulated by some of the Tier 1 Regulators like FCA, BaFin, or CONSOB. We did our due diligence and researched their register. Of course, we found nothing.
Moreover, since the company states they are operating in the EEA zone it should work according at least to MiFID or ESMA regulations. Unfortunately, they are violating even those regulations with the leverage they are providing.
According to mentioned rules, they can give a maximum of up to 1:30 for certain assets. To sum it up, your funds are not safe at all! There is no monitoring of these scammers.
Overview of Trading Platform
SeaStock24 broker only offers a web-based trading platform. These are highly unreliable due to potential manipulations of the market. Every web-based platform could be accessed in 1 click through the back end. That way a broker can fix the prices of assets and present you with fake profits.
However, we were not able to check this since you need to register and deposit funds to get access to the platform. Even though, that was not needed since people explained that in SeaStock24 reviews.
Since the SeaStock24 broker is anonymous we can’t expect anything good from them. What allows them to do so is the lack of regulations. Most trusted and licensed companies are using trading standards MT4 and MT5.
We already clarified that we should take everything here with reserve. SeaStock24 broker offers a variety of assets, but the reliability of data is still questionable. To be honest, in this SeaStock24 review, this is the only satisfying thing.
The assets available on their platform are:
- Forex – EUR/USD, USD/NZD, CAD/JPY
- Commodities – oil, palladium, cotton
- Indices – DAX30, CAC40, AU200
- Shares – IBM, Coca-Cola, McDonald’s
- Cryptocurrencies – BTC, USDT, XRP
Everything besides FX is CFD trading. Therefore, it brings higher risks. If you for some reason start trading with this broker, make sure to check all terms of trading. Starting with leverages and spreads.
Trading Account Provided
Trading accounts are another absurdity from this broker. They state that the minimum transaction amount with the card is 250$. However, the minimum requirement for the lowest trading account type is way higher than that. Take a look:
- Bronze – 5.000$
- Trader – 10.000$
- Expert – 25.000$
- VIP – 50.000$
- Exclusive – 100.000$
The problem with these is that whatever amount you deposit still you don’t know the trading conditions. Moreover, leverage is higher as you put in more money. Some will think that it’s good, you can expect more profits but the reality is different. That brings more risk as well and with manipulative software, it can be very dangerous.
Next on the list of irregularities are spreads. Those are one of the crucial parts when you are deciding where to trade. With this broker that is a mystery. You can only check those when you deposit the funds and get access to the platform.
Another thing is trading signals. Those are coming from false adverts about auto-trading systems. So don’t fall for that, especially with a non-licensed SeaStock24 broker.
Deposit and Withdrawal Process
SeaStock24 Broker reviews disclosed that they are not eager to give any profits to its clients. Of course, depositing the money is a piece of cake. You can use any debit or credit card, as well as a bank transfer. There are no special conditions to complete the initial and any further deposits.
However, when it comes to withdrawals, that’s where the journey starts. First of all, SeaStock24 broker states on their website that withdrawals are automated. Which is obviously false. Second, they require you to request a withdrawal. That is not the same as getting a withdrawal.
The point of such a request is that the company has another opportunity to rip you off. That’s how broker scam works. When you request a withdrawal, they want you to sign a whole lot of documentation for the procedure. Most of the time, something is missing and in meantime, you get a call about another amazing opportunity.
If you are persistent about your withdrawal, what will happen is that you’ll be asked to pay fees and taxes to the company. That is complete nonsense. They can take fees from the profits and you pay the government the taxes.
So now, you understand the differences between the SeaStock24 scam and the regulated procedure.
Are You a Victim of Seastock24? Chargeback Is The Answer!
If you somehow fell for this scam, don’t be ashamed. You need to know that getting your money back is possible. First, you have to report that scam and spread the word about it. The second is filing a chargeback request to your financial institution.
These can be performed when you are using a Debit/Credit card. If you are wondering how the procedure works step by step, no worries. We got you covered. Our team of experts has years of experience in this procedure.
FAQs About Seastock24 Broker
Is Seastock24 a Regulated Broker?
Absolutely not. Since they present themselves from the EEA zone, they should be regulated by Tier 1 regulations but they are not.
Does Seastock24 Offer A Demo Account?
No. A huge downside because you can’t see trading conditions. The company only offers live trading accounts.
What Is The Minimum Deposit for Seastock24?
The minimum transfer with a credit/debit card is 250$. However, the minimum requirement for account type is 5.000$